Robert Karr - Joho Capital Llc Portfolio Q2'2025: Top Holdings & Recent Changes
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Robert Karr, founder of Joho Capital, continues to showcase his strategic investment approach through his Q2 2025 portfolio. His Joho Capital portfolio reflects a concentrated strategy, with a total market value of $709.9 million across nine positions. Notably, Karr has made significant adjustments, including a substantial increase in Taiwan Semiconductor Manufacturing Company Limited (TSM) by 48.27% and a new position in monday.com Ltd. (MNDY).
Portfolio Overview: Concentrated Excellence
Portfolio Highlights (Q2 2025): - Market Value: $709.9 million - Top 10 Holdings: 100.0% of the portfolio - Portfolio Size: 9 positions (an increase of 1) - Average Holding Period: 11 quarters - Turnover: 11.1%
Joho Capital's portfolio is characterized by its focus on technology and innovation, with a significant concentration in a few key positions. This strategy allows for deep understanding and conviction in each holding, which is a hallmark of successful value investors. The portfolio's turnover rate of 11.1% indicates a relatively stable approach, with adjustments made to optimize returns.
Holdings Overview: Tech Titans and Emerging Players
The portfolio is anchored by Microsoft Corporation (MSFT) at 39.0%, which remains unchanged. Dutch Bros Inc. (BROS) saw a reduction of 8.58%, now accounting for 16.9% of the portfolio. Uber Technologies, Inc. (UBER) remains steady at 13.0%. The significant increase in Taiwan Semiconductor Manufacturing Company Limited (TSM) to 7.9% highlights Karr's interest in semiconductor technology. Adobe Inc. (ADBE) was reduced by 40.47%, now holding 7.1% of the portfolio. The new addition of monday.com Ltd. (MNDY) at 2.2% indicates a strategic move into cloud-based productivity solutions.
What the Portfolio Reveals
Karr's portfolio strategy emphasizes quality over growth, focusing on established tech leaders like Microsoft and emerging players in critical sectors such as semiconductors and cloud services. The significant increase in TSM and the addition of MNDY reflect a strategic focus on innovation and future growth potential. This approach suggests a long-term perspective, prioritizing companies with strong fundamentals and potential for sustained success.
Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| Microsoft Corporation | $276.7M | 39.0% | No change |
| Dutch Bros Inc. | $120.0M | 16.9% | Reduce 8.58% |
| Uber Technologies, Inc. | $92.5M | 13.0% | No change |
| Quanta Services, Inc. | $86.7M | 12.2% | No change |
| Taiwan Semiconductor Manufacturing Company Limited | $56.4M | 7.9% | Add 48.27% |
| Adobe Inc. | $50.5M | 7.1% | Reduce 40.47% |
| monday.com Ltd. | $15.7M | 2.2% | Buy |
| Amphenol Corporation | $7,749.9K | 1.1% | No change |
| The Procter & Gamble Company | $3,672.3K | 0.5% | No change |
The concentration of Joho Capital's portfolio highlights Karr's commitment to deep research and conviction in his investments. The top holdings account for 100% of the portfolio, indicating a focused strategy that prioritizes understanding and confidence in each position.
Investment Lessons from Robert Karr
Robert Karr's investment strategy offers several key lessons for investors: - Concentration Matters: Karr's portfolio demonstrates the power of concentrated investing, where a deep understanding of each company allows for more informed decision-making. - Long-Term Perspective: The average holding period of 11 quarters shows that patience is crucial in value investing, allowing investors to ride out market fluctuations. - Quality Over Growth: The focus on established tech leaders and emerging players in critical sectors underscores the importance of quality businesses with strong fundamentals.
Looking Ahead: What Comes Next?
As Joho Capital continues to navigate the tech and innovation landscape, potential areas for new investments may include emerging technologies like AI and cloud computing. The current positioning sets up well for future growth, with a focus on companies that are poised to benefit from long-term trends in technology and productivity.
FAQ about Robert Karr's Portfolio
Q: What is the significance of Robert Karr's recent portfolio changes?
A: Karr's recent changes, such as the significant increase in TSM and the addition of MNDY, reflect a strategic focus on innovation and future growth potential. These moves highlight his commitment to staying ahead of technological trends.
Q: How does Joho Capital's portfolio concentration impact its overall strategy?
A: The concentrated portfolio allows for deep research and conviction in each holding, enabling Karr to make informed decisions and potentially achieve higher returns through a focused approach.
Q: How can investors track Robert Karr's portfolio changes?
A: Investors can track Karr's portfolio changes through 13F filings, which are available 45 days after the end of each quarter. Using platforms like ValueSense provides real-time insights and analysis of these filings, helping investors stay informed about superinvestor strategies.
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